In premium real estate, the right price is the key to a sale at the right time.
One common issue in the real estate sector is the discrepancy between a property's realistic sale value and the owner's price expectations. Especially in the premium real estate segment, accurate pricing involves more than just setting a figure; factors such as actual sales in the area, active comparable listings, time on market, supply-demand dynamics, the property's physical attributes, and current market conditions must all be evaluated together. Yet, had I simply accepted the price they were asking, I likely would have secured the marketing rights for a truly exceptional garden duplex.
A common issue in the real estate sector is the discrepancy between a property's realistic sales value and the owner's sales expectations.
Especially in the premium real estate segment, accurate pricing involves more than just picking a number. Factors such as actual sales in the area, active comparable listings, time-on-market, supply-demand balance, the property's physical characteristics, and current market conditions must all be evaluated together.
I recently conducted a comprehensive valuation for a garden duplex (approximately 400 m²) located in a high-end residential complex in Beşiktaş.
I presented my findings to the property owner.
In my assessment, I used data and comparable listings to outline the price range at which the property could sell under current market conditions and the estimated timeframe for such a sale.
When we met again a week later, the owner stated that, based on their own assessment, they believed the property could sell for a price approximately 15% higher than my estimate.
However, I had previously shared the following details with them:
•Official sales data from the complex in previous years,
•Current comparable prices in the area,
•Time-on-market figures for similar properties,
•The buyer-dominated nature of the current market,
•The potential time cost associated with entering the market at an inflated price.
The fact that sales within a complex of this caliber are infrequent made past transactions and current comparables even more critical to the pricing decision.
Despite this, and notwithstanding our detailed assessment, the owner insisted on a sales price approximately 15% higher than recommended. Since I couldn't form a clear opinion on how strong the sales motivation was, I stepped back and chose to wait.
Yet, had I accepted the asking price, I would likely have secured the marketing rights for a high-quality garden duplex.
However, for me, the issue was not merely about securing a sales mandate.
Driven first by respect for my profession and then by my responsibility to provide proper service to the property owner, I chose to let information and data serve as my guide.
This is because, in the premium real estate sector, launching a property at a high price does not always translate to a higher final sale price.
On the contrary, a property priced above its true market value can:
dampen buyer interest,
prolong the time on the market,
weaken the property's market perception,
and—over time—erode the motivation of both the property owner and the consultant.
More importantly, there is a cost associated with the time lost by entering the market at the wrong price point.
For this reason, I view correct pricing as the starting point of any real estate sales strategy.
Entering the market at the right time, with the right price, and targeting the right audience is a fundamental factor that directly influences sales success—especially in premium real estate.
Sometimes, providing the right service means not simply securing a listing mandate at any cost, but having the resolve to stand firm on what the data indicates.
In my view, maintaining this stance is essential to delivering genuine value.
Furthermore, patience, good judgment, and an adherence to market realities are integral parts of the premium real estate sales process.
After all, determining the right price for a property is not always easy.
Yet, the ability to state the correct price is the foundation of true consultancy.
Ozkan OZEL
Strategic Real Estate Asset Management
Besiktas / Istanbul
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